Fitch Ratings has downgraded the United States' Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'AA+' from 'AAA', citing expected fiscal deterioration, a high and growing government debt burden, and erosion of governance. The agency expects the general government deficit to rise to 6.3% of GDP in 2023, from 3.7% in 2022. The government debt-to-GDP ratio is projected to rise over the forecast period, reaching 118.4% by 2025. Fitch also forecasts a mild recession in 4Q23 and 1Q24.